Zscaler (NASDAQ:ZS) Price Target Raised to $340.00 at Bank of America

Zscaler (NASDAQ:ZS) had its price target boosted by Bank of America from $285.00 to $340.00 in a report issued on Monday,Benzinga reports. Bank of America currently has a buy rating on the stock.

ZS has been the subject of several other reports. Susquehanna lifted their target price on Zscaler from $245.00 to $320.00 and gave the stock a “positive” rating in a research report on Friday, May 30th. Wells Fargo & Company lifted their price objective on shares of Zscaler from $210.00 to $260.00 and gave the company an “equal weight” rating in a report on Friday, May 30th. Truist Financial restated a “buy” rating and issued a $300.00 target price (up from $260.00) on shares of Zscaler in a research note on Friday, May 30th. Rosenblatt Securities lifted their price target on shares of Zscaler from $235.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Finally, BTIG Research raised their price objective on Zscaler from $298.00 to $329.00 and gave the stock a “buy” rating in a report on Wednesday, June 4th. Nine investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $286.79.

Zscaler Price Performance

NASDAQ:ZS opened at $299.90 on Monday. The firm has a market capitalization of $46.69 billion, a price-to-earnings ratio of -1,199.60 and a beta of 1.09. The business has a 50 day simple moving average of $231.71 and a 200-day simple moving average of $210.23. Zscaler has a 1 year low of $153.45 and a 1 year high of $306.78.

Zscaler (NASDAQ:ZS) last issued its quarterly earnings results on Thursday, May 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.08. The company had revenue of $678.03 million during the quarter, compared to the consensus estimate of $667.13 million. Zscaler had a negative return on equity of 0.75% and a negative net margin of 1.58%. Zscaler’s revenue was up 22.6% on a year-over-year basis. During the same period last year, the company earned $0.88 earnings per share. As a group, analysts expect that Zscaler will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Zscaler

In related news, insider Robert Schlossman sold 2,878 shares of the stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total transaction of $573,153.70. Following the sale, the insider now directly owns 107,587 shares of the company’s stock, valued at approximately $21,425,951.05. This represents a 2.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jagtar Singh Chaudhry sold 2,155 shares of the firm’s stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $199.15, for a total transaction of $429,168.25. Following the sale, the chief executive officer now owns 356,414 shares in the company, valued at approximately $70,979,848.10. This represents a 0.60% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 266,722 shares of company stock worth $57,583,648. Company insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Choreo LLC raised its stake in shares of Zscaler by 2.6% during the 4th quarter. Choreo LLC now owns 2,833 shares of the company’s stock worth $517,000 after buying an additional 73 shares during the period. Merit Financial Group LLC raised its position in Zscaler by 42.0% during the first quarter. Merit Financial Group LLC now owns 6,197 shares of the company’s stock worth $1,230,000 after acquiring an additional 1,832 shares during the period. Arlington Capital Management Inc. acquired a new position in Zscaler during the fourth quarter worth $2,107,000. DnB Asset Management AS lifted its holdings in Zscaler by 66.8% during the fourth quarter. DnB Asset Management AS now owns 667,383 shares of the company’s stock valued at $120,403,000 after purchasing an additional 267,162 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Zscaler in the fourth quarter valued at about $32,158,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

Zscaler Company Profile

Zscaler, Inc operates as a cloud security company worldwide. The company offers Zscaler Internet Access solution that provides users, workloads, IoT, and OT devices secure access to externally managed applications, including software-as-a-service (SaaS) applications and internet destinations; and Zscaler Private Access solution, which is designed to provide access to managed applications hosted internally in data centers, and private or public clouds.